Connect with us

Politics

Forecasts predict lacklustre oil, higher Alberta gas prices in 2026 TenX News

Published

on



Business Matters: Carney says Canadian oil will remain competitive


A pair of energy forecasts released Tuesday see lacklustre crude oil prices continuing this year amid a global supply glut and natural gas prices picking up steam as more Canadian shipments make their way to Asia.

Consulting firm Deloitte expects West Texas Intermediate, the key U.S. light oil benchmark, to average US$58 per barrel — about where it’s trading at currently.

Story continues below advertisement

That’s about 20 per cent lower than it was at this time last year and roughly 12 per cent below the commodity’s 2025 average.

The Organization of the Petroleum Exporting Countries (OPEC) has deferred some production increases, but “we do feel there’s a little more downward pressure that could come into prices in 2026,” said Deloitte Canada partner Andrew Botterill.

The forecast doesn’t account for the U.S. raid on Venezuela over the weekend in which President Nicolas Maduro was captured.

U.S. President Donald Trump has said he wants American energy majors to take control of Venezuela’s oil assets.


Click to play video: 'Will the U.S. strike on Venezuela hit Canada’s oil industry?'


Will the U.S. strike on Venezuela hit Canada’s oil industry?


The South American country has massive oil reserves with a similar chemical makeup to Alberta’s oilsands crude and refineries on the U.S. Gulf Coast are well suited to handle that type of oil.

Story continues below advertisement

A lifting of U.S. sanctions on Venezuelan crude and a ramp up of production could pose a competitive threat to Canadian supplies in the Gulf Coast market.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Botterill sees two different scenarios potentially playing out.

“The turmoil of Venezuela itself may bolster some prices in the short term,” he said.

“But on the flip side, we still are in a dramatically oversupplied system right now. So I don’t think (companies) will have a lot of short-term effects.

“But it’s certainly something that Canadian producers especially will be looking at into the mid- and long-term to understand some of their investments.”

Analysts at ATB Capital Markets, meanwhile, are expecting a WTI price of US$60 a barrel this year.

Global oversupply should peak in the first quarter of this year, gradually improving to a much tighter market in 2027 and 2028 as U.S. shale producers burn through their top-performing wells.

That should bode well for Canadian producers with long-life, quality assets.

With the startup of the Trans Mountain pipeline expansion to the West Coast in 2024, the price gap between heavy oilsands crude and WTI has “structurally evolved,” as the ability to sell the resource in Asia has meant better returns for Alberta producers, the report said.

Story continues below advertisement

“Egress capacity out of the (Western Canadian Sedimentary Basin) is not expected to be an issue over the next few years,” the ATB analysts wrote.

The risk of Venezuelan barrels re-entering the U.S. market in meaningful amounts had been a risk percolating in the background prior to Maduro’s capture, said Patrick O’Rourke, managing director of equity research at ATB.

Currently, Venezuela produces about a million barrels a day of oil and China is its biggest export customer.

“There’s a lot of runway before you see significant volume growth there,” O’Rourke said of the time and investment needed.

“The risk is that maybe those barrels come into the Gulf market that are going to China today at a price that undercuts Canadian barrels.”


Click to play video: 'First LNG tanker arrives in Kitimat, B.C.'


First LNG tanker arrives in Kitimat, B.C.


For natural gas, ATB is expecting Alberta prices to strengthen to $3.30 per mmBTU this year from roughly $1.70 last year thanks in large part to the ongoing ramp up of the LNG Canada export terminal in Kitimat, B.C.

Story continues below advertisement

The first cargoes left the plant last summer for Asia, but outbound volumes have been choppy until recently, O’Rourke said.

“We haven’t really quite yet realized the full impact of LNG Canada,” he said.

“We’re hoping to see more consistent operations, more gas moving west.”

Deloitte expects natural gas prices in Alberta to rise to $2.95 per mmBTU this year.

“That’s just on the back of a far more balanced Canadian system,” Botterill said.

Botterill said demand from energy-hungry artificial intelligence data centres isn’t being reflected in pricing yet, but it’s something he’s watching closely.

“It’s a good news story for natural gas as a product, and there’s definitely going to be more demand.”

NOTE: This is a corrected story — an earlier version said Deloitte was expecting natural gas prices in Alberta to rise to $2.95 per mmBTU next year.

&copy 2026 The Canadian Press



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

Canadian canola farmers express ‘cautious optimism’ over trade agreement with China TenX News

Published

on


“It’s a huge step forward, but a little disappointing at the same time.”

That’s how Stephen Vandervalk, who grows canola near Fort McLeod, Alta. and is also vice-president of the Wheat Growers Association, reacted to news of the preliminary trade deal between Canada and China.

The agreement, announced Friday, following a meeting between Prime Minister Mark Carney and Chinese President Xi Jinping, in Beijing, is expected to slash punishing tariffs on the sale of Canadian agriculture and seafood products to China, part of a tit-for-tat tariff war between the two countries.


Prime Minister Mark Carney meets with President of China Xi Jinping at the Great Hall of the People in Beijing, China, on Jan. 16, 2026.

THE CANADIAN PRESS/Sean Kilpatrick

It started in the summer of 2024, when Canada announced a 100 per cent tariff on Chinese electric automobiles that Ottawa claimed were being dumped on global markets.

Story continues below advertisement

China responded in 2025 with tariffs of up to 100 per cent on some Canadian canola products, along with a 25 per cent levy on Canadian pork and seafood products.


Prime Minister Mark Carney, fourth right, meets with President of China Xi Jinping, fourth left, at the Great Hall of the People in Beijing, China, on Jan. 16, 2026.

THE CANADIAN PRESS/Sean Kilpatrick

The deal announced Friday is expected to result in Beijing slashing duties on canola seed to 15 per cent by March 1, 2026, in return for Canada allowing 49,000 Chinese electric vehicles to be sold in Canada at a tariff of just 6.1 per cent. That number will increase to about 70,000 vehicles within five years.

Ottawa also expects to have tariffs on Canadian canola meal, lobsters, crabs and peas reduced or removed from March 1 until at least the end of the year.


Click to play video: 'Carney welcomes ‘new era’ of Canada-China relations following ‘historic agreement’ with Xi Jinping'


Carney welcomes ‘new era’ of Canada-China relations following ‘historic agreement’ with Xi Jinping


While Vandervalk called the agreement “a huge step forward,” he also expressed “cautious optimism,” saying a 15 per cent tariff on canola meal means Canada could still struggle to be competitive with other countries, like Australia, that can sell the same products to the Chinese market.

Story continues below advertisement

He’s also concerned about how Americans will react to the deal because the 100 per cent tariff on Chinese EVs was put in place by both Canada and the U.S. to help protect the North American auto industry.

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

“They’re our biggest trading partner for sure, they take almost all of our canola meal.  When you crush canola seed, you get oil, and you get meal. So a huge market is our canola meal and oil and seed everything into the U.S., so it’s for sure much, much larger than China,” said Vandervalk.

“So if we somehow get a little bit of access to China at the expense of having potentially no access to our largest trading partner, we have huge concerns with that,” added Vandervalk.


The trade war between Canada and China prompted the Chinese government to impose tariffs of up to 100 per cent on the import of some Canadian canola products.

Global News

In an emailed statement, the Canola Council of Canada and Canadian Canola Growers Association called news of the deal on tariffs, “an important milestone in Canada’s trading relationship with China.”

Story continues below advertisement

“The Canadian canola industry has been clear since the outset that these tariffs are a political issue requiring a political solution. We are pleased to see significant progress in restoring market access for seed and meal and will continue to build on this development by working to achieve permanent and complete tariff relief, including for canola oil, moving forward,” reads the statement.

Andre Harpe, Chair of the Alberta Canola Producers, who farms near Grand Prairie, Alta., called the tentative agreement “great news.”

“I was up at three o’clock this morning looking at the announcement and I did happen to glance at the prices then and they were up quite a bit. So it was a good response to see from the market,” said Harpe.

“I’m really, really hoping things settle down a little bit, but it’s been a roller-coaster ride. It’s been absolutely terrible. The uncertainty, you know,” added Harpe.


Saskatchewan Premier Scott Moe (centre), was among the delegates who accompanied Prime Minister Mark Carney on his trip to China.

Global News

Saskatchewan Premier Scott Moe, who accompanied the Prime Minister on his trip to China and spoke to Global News from there, was almost euphoric in his reaction to the agreement, calling it “a good day for Canadians.”

Story continues below advertisement

“This is very significant. It is going to literally allow billions of dollars of agricultural products of all kinds, whether it’s canola, pulse crops, seafood, to flow again, which was not moving in any way to our second largest trading partner in the world,” said Moe. “So this is an absolute deal of tremendous significance to not only the Canadian agriculture industry, but to the Canadian economy.”

“Not only does this restore trade that was existing, but it definitely provides a very foundation for us build additional trade opportunities with not only a country like China, but many Asian countries in the area,” added Moe.

Federal Conservative labour critic, Kyle Seeback, who represents the riding of Dufferin-Caledon in southern Ontario, the centre of Canada’s automobile manufacturing industry, characterized the trade deal as a double-edged sword.

“I think that if you’re a canola farmer, you’re cautiously optimistic. I think if you are an auto worker in Canada, you’re extremely worried about what this is going to mean for the Canadian auto sector,” said Seeback.

He’s also concerned that, so far, China has only agreed to lower tariffs until the end of 2026.

“We’re dealing with China and China has a history of not being a reliable trading partner,” said Seeback.  “So it’s always dangerous when you make these kinds of deals with China.”

Story continues below advertisement

“I think that this is going to come back to be viewed as an absolutely terrible decision to try and enter into a strategic alliance with China,” Seeback added. “Time will tell, but I think the liberals are going to one day deeply regret that they’ve made this decision.”

With files from The Canadian Press.


Click to play video: '‘I don’t trust what the Chinese put in these cars’: Doug Ford unhappy about Canada-China EV deal'


‘I don’t trust what the Chinese put in these cars’: Doug Ford unhappy about Canada-China EV deal




Continue Reading

Politics

X outages reported by tens of thousands of users worldwide: Downdetector – National TenX News

Published

on


X, formerly Twitter, was down for tens of thousands of users worldwide on Friday, according to outage tracking website Downdetector.com.

There were more than 62,000 reports of issues with the social media platform as of 10:22 a.m. EST, according to Downdetector, which tracks outages by collating status reports from a number of sources.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Users in the U.K. reported around 11,000 incidents and over 3,000 issues were reported in India.

The actual number of affected users may differ from what is shown on the platform, as the reports are submitted by users.




Continue Reading

Politics

Trump says he may tariff countries that don’t ‘go along’ with Greenland plans – National TenX News

Published

on


U.S. President Donald Trump suggested Friday that he may punish countries with tariffs if they don’t back the U.S. controlling Greenland, a message that came as a bipartisan Congressional delegation sought to lower tensions in the Danish capital.

Trump for months has insisted that the U.S. should control Greenland, a semiautonomous territory of NATO ally Denmark, and said earlier this week that anything less than the Arctic island being in U.S. hands would be “unacceptable.”

During an unrelated event at the White House about rural health care, he recounted Friday how he had threatened European allies with tariffs on pharmaceuticals.

“I may do that for Greenland too,” Trump said. “I may put a tariff on countries if they don’t go along with Greenland, because we need Greenland for national security. So I may do that,” he said.

He had not previously mentioned using tariffs to try to force the issue.

Story continues below advertisement

Earlier this week, the foreign ministers of Denmark and Greenland met in Washington this week with U.S. Vice President JD Vance and Secretary of State Marco Rubio.

That encounter didn’t resolve the deep differences but did produce an agreement to set up a working group — on whose purpose Denmark and the White House then offered sharply diverging public views.

European leaders have insisted that is only for Denmark and Greenland to decide on matters concerning the territory, and Denmark said this week that it was increasing its military presence in Greenland in cooperation with allies.


Click to play video: 'European troops in Greenland “would not affect” Trump’s views on annexing nation: White House'


European troops in Greenland “would not affect” Trump’s views on annexing nation: White House


A relationship ‘we need to nurture’

In Copenhagen, a group of senators and members of the House of Representatives met Friday with Danish and Greenlandic lawmakers, and with leaders including Danish Prime Minister Mette Frederiksen.

Story continues below advertisement

Delegation leader Sen. Chris Coons, a Delaware Democrat, thanked the group’s hosts for “225 years of being a good and trusted ally and partner” and said that “we had a strong and robust dialog about how we extend that into the future.”

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Sen. Lisa Murkowski, an Alaska Republican, said after meeting lawmakers that the visit reflected a strong relationship over decades and “it is one that we need to nurture.” She told reporters that “Greenland needs to be viewed as our ally, not as an asset, and I think that’s what you’re hearing with this delegation.”


The tone contrasted with that emanating from the White House. Trump has sought to justify his calls for a U.S. takeover by repeatedly claiming that China and Russia have their own designs on Greenland, which holds vast untapped reserves of critical minerals. The White House hasn’t ruled out taking the territory by force.

“We have heard so many lies, to be honest and so much exaggeration on the threats towards Greenland,” said Aaja Chemnitz, a Greenlandic politician and member of the Danish parliament who took part in Friday’s meetings. “And mostly, I would say the threats that we’re seeing right now is from the U.S. side.”

Murkowski emphasized the role of Congress in spending and in conveying messages from constituents.

“I think it is important to underscore that when you ask the American people whether or not they think it is a good idea for the United States to acquire Greenland, the vast majority, some 75%, will say, we do not think that that is a good idea,” she said.

Story continues below advertisement

Along with Sen. Jeanne Shaheen, a New Hampshire Democrat, Murkowski has introduced bipartisan legislation that would prohibit the use of U.S. Defense or State department funds to annex or take control of Greenland or the sovereign territory of any NATO member state without that ally’s consent or authorization from the North Atlantic Council.


Click to play video: 'Greenland’s future no clearer after White House meeting'


Greenland’s future no clearer after White House meeting


Inuit council slams White House

The dispute is looming large in the lives of Greenlanders. Greenland’s prime minister, Jens-Frederik Nielsen, said on Tuesday that “if we have to choose between the United States and Denmark here and now, we choose Denmark. We choose NATO. We choose the Kingdom of Denmark. We choose the EU.””

Story continues below advertisement

The chair of the Nuuk, Greenland-based Inuit Circumpolar Council, which represents around 180,000 Inuit from Alaska, Canada, Greenland, and Russia’s Chukotka region on international issues, said persistent statements from the White House that the U.S. must own Greenland offer “a clear picture of how the US administration views the people of Greenland, how the U.S. administration views Indigenous peoples, and peoples that are few in numbers.”

Sara Olsvig told The Associated Press in Nuuk that the issue is “how one of the biggest powers in the world views other peoples that are less powerful than them. And that really is concerning.”

Indigenous Inuit in Greenland do not want to be colonized again, she said.

&copy 2026 The Canadian Press



Continue Reading

TRENDING

Copyright © 2022 TenX News Network